FDIC-insured bank accounts with 529 tax advantages
CollegeWealth® is the Commonwealth’s FDIC-insured 529 college savings program, provided in partnership with participating financial institutions.
CollegeWealth® allows families to benefit from the federal and, for Virginia residents, state tax advantages of 529 accounts – and take advantage of the FDIC insurance coverage of a bank deposit account – by opening a CollegeWealth® bank account to save for their children’s or their own higher education.
An affordable and familiar way to save, CollegeWealth may appeal to conservative investors as each CollegeWealth college savings account with a value up to $250,000 (when combined with any other holdings of an individual at any one bank) is insured by the FDIC.
CollegeWealth is flexible, with no state residency requirement and no income phase outs; CollegeWealth is affordable for everyone, with low initial account deposits and competitive interest rates established by each participating bank or financial institution; CollegeWealth lets account owners save according to their own budgets and timetables – with the ability to make regular, scheduled deposits.
Like Virginia’s three other 529 programs, CollegeWealth account contributions can grow free of federal income taxes. Withdrawals also will be tax free when used for qualified higher education expenses, including tuition, fees, certain room and board costs, textbooks, and equipment required by a college for enrollment. In addition, Virginia taxpayers receive up to a $4,000 annual state income tax deduction** – with an unlimited carry forward – per CollegeWealth account.
Since 1872, BB&T has provided high-quality financial products and services to meet the needs of the communities it serves. With over 1,800 financial offices in 13 states, approximately 400 of which are located in Virginia, BB&T offers the convenience and access of a large financial institution and the friendly service you appreciate from your local bank.
Deposits are FDIC-Insured*
Balances grow in a high-yield money market savings account
$25 minimum opening deposit
Interest rates tiered based on balance
No Annual Fee
No Monthly Maintenance Fee
Up to a $4,000 state tax deduction for Virginia taxpayers**
Convenient account access through BB&T OnLine® Banking
Deposits and transfers into the BB&T CollegeWealth® 529 Savings account at over 1,800 BB&T financial centers
You can apply for the BB&T CollegeWealth® 529 Savings account online. It’s easy and secure, and it takes just ten minutes. BB&T CollegeWealth® 529 Savings accounts offered by Branch Banking and Trust Company and BB&T Financial, FSB; Members FDIC.
Union First Market Bank is one of the largest community banks in Virginia and has branches throughout the Commonwealth Locate a branch location or call the customer service center toll-free at 1-800-990-4828.
Individual Account Ownership
Savings account product
Deposits are FDIC-insured*
No annual fee
No monthly maintenance fees
$25 minimum to open
Up to a $4,000 state tax deduction for Virginia taxpayers**
The interest rate is tiered according to balances
You can apply for a Union First Market Bank CollegeWealth Savings account online
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